Bitcoin and Ether gain but hold losses
At the start of the week, Bitcoin was higher in Asia but ended up settling lower than $28,000 following a decline on the weekend. Ether and other top 10 volatile cryptocurrencies advanced but posted losses over the past seven days in a correction that began after the recent rally. XRP led the winners. US stock futures retreated in Asia ahead of first-quarter earnings from major US corporations next week.
Bitcoin advanced 0.98% to $27,807 in Hong Kong but was down 6.94% for the week. The world’s largest cryptocurrency fell to $27,168 on Saturday, its lowest since March. However, the token is still up 65% since the beginning of the year.
The increase in the price of Bitcoin has made some progress this year. More downward pressure on the price of Bitcoin is expected as the US government plans to sell its holdings of 41,492 Bitcoins this year.
According to an analyst at the crypto trading platform Vauld, Bitcoin must buy support at $27,506 to reverse the bearish trend.
Ether advanced 1.06% to $1,877; like many other top 10 tokens, it is on a seven-day losing streak, retreating 9.95%. Ethereum has lost most of its gains since April 12.
XRP was the biggest gainer among major cryptocurrencies, increasing by 3.49% to reach $0.4824. However, it also experienced a decline of 5.85% over the same period.
The total capitalization of the crypto market in the last 24 hours advanced by 0.17% and amounted to 1.17T USD. Trading volume fell 6.33% to $29.42B in the last 24 hours.
In the non-fungible token market, the Forkast 500 NFT index retreated 0.75% to 3,786.45, down 6.48% for the week. The index serves as an indicator of the overall performance of the global NFT market. It refers to the 500 eligible smart contracts on any given day.
US stock futures were lower in Hong Kong.
Industrial Average and S&P 500 futures both retreated 0.27%. The Nasdaq Composite Index was down 0.28%. All three indexes advanced on Friday but closed the week with a mixed outlook for the US economy.
In addition to BTC, Ethereum started the week in the red, with prices close to a key point.
After hitting $1,888.18 on Sunday, ETH/USD retreated to an intraday low of $1,831.17 in today’s session. The second-largest cryptocurrency fell below its long-term price of $1,831.
